The trading profits of SOES bandits
The trading profits of SOES bandits
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DOI：
10.1016/s0304-405x(98)00031-2
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发表时间：
1998-10-01
影响因子：
8.9
通讯作者：
Schultz, PH
中科院分区：
文献类型：
--
作者：
Harris, JH;Schultz, PH
国企强盗是使用纳斯达克的小单执行系统(SOE)进行日内交易的个人投资者。他们每笔交易的平均利润很小，但他们每周交易数十次或数百次。土匪通常在大多数做市商更新报价之前建立头寸，并通过Instnet或SelectNet以有利的价格做空头寸。值得注意的是，尽管他们掌握的信息较少，但他们与做市商的交易是有利可图的。强盗保留利润，承担交易损失。因此，与做市公司的员工相比，他们有更大的动机进行良好的交易。(C)1998 Elsevier Science S.A.保留所有权利。
SOES bandits are individual investors who use Nasdaq's Small Order Execution System (SOES) for day trading. Their average profit per trade is small, but they trade dozens or hundreds of times per week. Bandits usually establish a position before most market-makers have updated their quotes, and lay off the position at favorable prices through Instinet or SelectNet. It is noteworthy that they trade profitably with market-makers despite having less information. Bandits keep the profits and bear the losses from their trades. Thus they have greater incentives to trade well than the employees of market-making firms. (C) 1998 Elsevier Science S.A. All rights reserved.